Cineworld is permanently closing its Swindon Regent Circus, Glasgow Parkhead and Bedford branches today – then on October 13, its Yate and Loughborough sites will also cease trading
Cineworld is closing three branches today – with two more sites set to also shut their doors for good in the coming days.
The cinema chain is permanently closing its Swindon Regent Circus, Glasgow Parkhead and Bedford branches today – then on October 13, its Yate and Loughborough sites will also cease trading. The closures were announced back in July and originally included Cineworld Hinckley, which will now remain open.
These branches could not officially be confirmed for closure until a High Court approved a restructuring plan this week. Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd, which are parts of the UK arm of Cineworld, were at risk of collapsing if the restructure had not been given the green light.
The four companies, which run 101 sites and employ 4,401 staff, form part of a wider group which operates cinemas in 10 countries, including the US under the Regal Cinemas brand. The approval means £16million of new funding will be released from the parent company, with further funds of up to £35million also to be made available.
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The leases of some sites will also be renegotiated to lower its rental bill – but the five sites that are closing were deemed to be “commercially unviable” to keep open. Cineworld was hit hard by falling sales during the Covid-19 pandemic and lockdowns – on top of this, it continues to face added pressure of having to compete with streaming services.
Tom Smith KC, the barrister for the four companies involved in the court case, said they were also “severely adversely impacted” by strikes by screen actors and writers last year. The Crown Estate and fellow landlord Tritax had tried to challenge the rent reductions, citing breaches of a 2023 agreement.
The two bodies said that agreements last year prevented the leases from being renegotiated. But in a 31-page judgment, Mr Justice Miles said the renegotiations last year “did not achieve what was needed to stave off the cashflow shortfall these companies now face” and that they “now face imminent administration, absent the plans”.
Following the ruling, a Cineworld spokesperson said: “We are pleased that the court has approved our restructuring plan. This will enable us to re-set the business for the long-term and ensure a sustainable future for Cineworld in the UK.”
Full list of Cineworld cinemas closing for good
- Glasgow Parkhead (closing October 6)
- Bedford (closing October 6)
- Swindon Regent Circus (closing October 6)
- Loughborough (closing October 13)
- Yate (closing October 13)
Cineworld previously said it would try to find alternative roles at nearby sites for staff who are affected by the closures today.
